Balancing Growth and Structural Adjustment in China
Fiscal and monetary expansion may be out of fashion among China’s mainstream economists, who insist that structural adjustment must be the priority. But it could go a long way toward bolstering China’s economic performance in 2019, without impeding structural reform.
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BEIJING – After a disappointing performance in 2018, China’s economy appears to be stabilizing. In the first quarter of 2019, GDP growth, at 6.4% year-on-year, matched that of the previous quarter. But growth in industrial production exceeded expectations, expanding by 6.5% year on year (and by 8.5% in March). Even exports growth was positive, albeit weak, despite the ongoing trade war with the United States.